SAN DIEGO—Renovate America, the leading provider of residential Property Assessed Clean Energy (PACE) financing in the U.S., expects that today it will top the $1 billion mark in energy and water conservation home improvements financed since the inception of its Home Energy Renovation Opportunity (HERO) Program in 2011. 

Renovate America will expand into new states in 2016; the $1 billion of projects are all in California, and represent the vast majority of the $1.045 billion in residential PACE projects nationwide according to PACENow.

As of Monday, the $1 billion financed through HERO are projected to save $2 billion on energy bills, conserve 6.7 billion kWh of electricity, reduce emissions by 1.8 million tons (the of equivalent taking 347,000 SUVs off the road for a year), and save more than 2.1 billion gallons of water (the equivalent of 68 million showers).  HERO has already created more than 8,400 jobs and generated a local economic impact of more than $1.7 billion.

Renovate America is expected to expand both residential and commercial PACE offerings into new states in 2016.

PACE is a public-private sector partnership designed to help achieve multiple public policy objectives.  PACE finances 100% of the home improvement, requiring no upfront cash outlay; the term of the financing is based on the useful life of the product, up to 20 years, lowering the size of monthly payments; and collection is conducted through regular property tax payments.  The products installed must meet federal and state efficiency standards, enabling homeowners to lower monthly utility bills and help pay for the cost of the improvement over time.